Iceland may use more electricity to mine bitcoins than it does to power all of its houses this year

• Iceland will likely use more electricity in the next year to mine bitcoin than it uses to power every single home in the country. 
• Bitcoin mining is booming in Iceland, and energy providers are worried they won’t be able to power new mining companies.
• Iceland’s cool weather, cheap energy and super-fast networks have made the country a popular home for bitcoin mining.
• Members of the government have proposed taxing profits made by bitcoin mining companies. 

Iceland may soon use more electricity to mine bitcoin than it uses to power every home, according to an Icelandic energy expert. 

The energy used by Iceland’s bitcoin mining market is experiencing “exponential growth,” and data centers may use more energy than all of the country’s homes in 2018, Johann Snorri Sigurbergsson from Icelandic energy company HS Orka told the BBC.

See the rest of the story at Business Insider

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